info required on possible bankruptcy

[panic34]

my house has now been reprossed, and I need to know is it worth accepting the bankruptcy the company are now forcing on me, or should I make a offer of a monthly payment, although it would only be about £250 per month. I have no assets, only a car on HP, am self employed with very little work.

 

The company is Lombard north central, and there solicitor addleshaw Goddard, have sent round the heavies, to pressurise me, giving me a statutory demand under section 268 1 a of the insolvency act 1986.

[BEBOBEBO]

Hi Panic

 

You might be best talking to CCCS or national debtline to see what they advise.

 

If you go into bankruptcy ( bk) any shortfall on the property would be a bk debt. Regarding your car it depends on the HP agreement and if there is any clauses abut bk. It then also depends on how much you pay each month and wether the official reciever would allow to make that payment.

 

The official reciever would also take between 50-70% of our disposeable income each month for 3 years.

 

You can ring the insolvency enquiry line for more info. 0845 602 9846.

 

Hope this helps.

 

Bebo

[panic34]

the outstanding amounts owed at moment will be a ccj registered in Oct 07 for £105,000, and the outstanding amount on the mortgage when the house is eventually sold, estimated to be about 45k, re credit cards, bank accounts, hire purchase, none of these are in debt, is it up to me to inform authorities, how do they find out about all by financial matters, total outstanding today would be about 35k on hire purchase, all payments up to date, and 10k on credit cards, also all up to date

[Googley2]

When you are declared bankrupt you have to inform the Official Receiver (at the court I think) of all ASSETS and DEBTS you have. They then inform everyone. Once you are declared bankrupt you no longer make any payments to anyone except to the Official Receiver. You will be allowed to keep an amount from your employment to live on but he will then take the rest after discussing everything with you.

 

I have been told that so long as you stay truthful to the Official Receiver then its an easy procedure BUT if they should find out otherwise then they come down on you like a ton of bricks. Not legal stuff I know but may be interesting to you anyway.

 

 

 

 

the outstanding amounts owed at moment will be a ccj registered in Oct 07 for £105,000, and the outstanding amount on the mortgage when the house is eventually sold, estimated to be about 45k, re credit cards, bank accounts, hire purchase, none of these are in debt, is it up to me to inform authorities, how do they find out about all by financial matters, total outstanding today would be about 35k on hire purchase, all payments up to date, and 10k on credit cards, also all up to date

[BEBOBEBO]

You have to declare everyting to the official reciever even if they up to date. If you lie on the bankruptcy petition form then this is perjury and you can be prosecuted.

 

Just cooperate with the OR, they are not there to judge you just to deal with the debts no matter wha the amount

[loobyloo85]

If you were to consider bankruptcy yourself, without any of this action, you would need to find the upfront cost to make yourself bankrupt. If you do not go bankrupt, you will be left with the shortfall from the respossed property to manage. If you choose to let them make you bankrupt, you would not have anything to lose (with having no property), the shortfall would be included along with all other debts, you would not need to pay for the bankruptcy. The only thing you would need to look into is the clauses in your HP Agreement, which you could call the company about.

All the best

[BEBOBEBO]

If you hav decided you are going bankrupt and cannot afford the 600 check with the court to se if you qualify for the court fee to be waivered which would save you 150. Then you can check to see if there are any charities that would pay for it. Ask citizens advice or search on the net. A lot if utility companies do it.